The Dow and broader S&P 500 continue logging new record highs, nearly every day, as stocks drift marginally higher. However, the move comes on tepid volume, with Monday's tally coming in as the second lowest of the year. That has caused some to question the conviction of the recent leg higher.

Monthly sales figures from the major automakers could help provide direction, or at the least, help give traders an update on how consumers are faring after a tough winter. Among the names set to report are General Motors (GM), Ford (F) and Fiat's (FIATY) Chrysler division.

There is also a broad-ranging report on U.S. factory orders at 10 a.m. ET. Economists expect the gauge to have climbed by 0.5% in April from the month prior.

Analysts also said they were revving up for the European Central Bank's meeting on Thursday, in which the central bank is widely expected to unleash new stimulus measures to boost inflation across the eurozone. The following day, the U.S. Labor Department is set to provide its monthly snapshot on the jobs market.

On the corporate front, AT&T (T) upped its full-year sales growth guidance to 5% and reaffirmed a slew of key measures. The news sent shares of the blue-chip telecommunications company rising.

Elsewhere, U.S. crude oil futures fell 11 cents, or 0.11%, to $102.36 a barrel. Wholesale New York Harbor gasoline dipped 0.57% to $3 a gallon. Gold rose $2.10, or 0.16%, to $1,246 a troy ounce.